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Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This month, we look at the tax consequences of inheriting property.Beyond the difficult task of divid...

‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers.From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary...

The ability for life insurers to discriminate based on adverse predictive genetic test results will be banned under a new Government proposal.Predictive genetic tests detect gene variants associated with heritable disorders that appear after birth, often later in life, but are not clinically dete...

Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved.What happens when there is a family company?For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company...

The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner.The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on regist...

ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the top of the list.Restructuring appointments grew by over 200% in 2023-24. Small busines...

The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gif...

$20k instant asset write-off passes ParliamentLegislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.Purchases of depreciable assets with a cost of less than $20,000 that a s...

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s...

What’s ahead for 2024-25?Will 2024-25 be another year of volatility or a return to stability? Personal tax & superAs you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannua...